HDFC Realty launches online home auctions with iBidmyHome.com

The online home auction will have features like pre-screening of projects / developers, real time auction statistics, online bid submissions, pricing insights, among other thingsSanu Sandilya | ETRealty | November 03, 2015, 16:07 IST

NEW DELHI: Real estate advisory firm HDFC Realty has launched a multi-property online auction for ready to move in homes from grade-A developers in association with iBidmyHome.com.

Initially, the auction would offer projects in Bengaluru, Chennai and Kochi. The online home auction will have features like pre-screening of projects / developers, real time auction statistics, online bid submissions, pricing insights, among other things.

"Home buying is mainly driven by two critical factors -- affordability and market sentiments. We in association with www.ibidmyhome.com are proud to announce a pioneering effort that has been launched to aggregate home buying demand online and help customers bid and buy homes at a price decided by them in a pre-defined price band," said Vikram Goel, CEO, HDFC Realty.

Eight ready-to-occupy projects of select developers based at well-established locations of Bengaluru, Chennai and Kochi will be on offer initially. Home loan option will also be provided to the home buyers from HDFC Ltd. However, only a limited number of apartments in each of these projects will be sold through value auctions.

"This sets in motion a process where buyers aggregate collectively towards a single price point within that broad price band. The process will then enable the Developer to sell and consummate all those transactions under a single window. The aggregation of demand lowers the cost and time to achieve specific volumes of sale, and hence helps the consumer buy homes at prices at significantly better than those prevailing in the market," the company said in a release.